Virginia § 4.1-620 - Reports and accounting systems of Board; auditing books and records

§ 4.1-620. Reports and accounting systems of Board; auditing books and records

A. The Board shall make reports to the Governor as he may require covering the administration and enforcement of this subtitle. Additionally, the Board shall submit an annual report to the Governor, the General Assembly, and the Chief Executive Officer of the Authority on or before December 15 each year, which shall contain:

1. The number of state licenses of each category issued pursuant to this subtitle;

2. Demographic information concerning the licensees;

3. A description of enforcement and disciplinary actions taken against licensees;

4. A statement of revenues and expenses related to the implementation, administration, and enforcement of this subtitle;

5. A statement showing the taxes collected under this subtitle during the year;

6. General information and remarks about the working of the cannabis control laws within the Commonwealth;

7. A description of the efforts undertaken by the Board to promote diverse business ownership within the cannabis industry; and

8. Any other information requested by the Governor.

B. The Board shall maintain an accounting system in compliance with generally accepted accounting principles and approved in accordance with § 2.2-803.

C. A regular postaudit shall be conducted of all accounts and transactions of the Board. An annual audit of a fiscal and compliance nature of the accounts and transactions of the Board shall be conducted by the Auditor of Public Accounts on or before October 1. The cost of the annual audit and postaudit examinations shall be borne by the Board. The Board may order such other audits as it deems necessary.

2021, Sp. Sess. I, cc. 550, 551.